An Insider’s View of Stoneridge and Its Implications:
Where Do We Go From Here?
Friday, February 8
10:45 a.m. –12:15 p.m. PACIFIC TIME
Part of the 2008 Midyear Meeting
- Program Handouts (pdf's)
Tab 1
Tab 2
Speaker Bio's
Did the Court leave the door open for actions against third parties such as banks, accountants or attorneys?
On January 15, 2008 the Supreme Court decided Stoneridge Investment, Inc., regarded as the most important securities case in ten years. At stake was the availability of a private right of action for securities fraud against third parties. Although affirming the dismissal of the case on the ground that federal securities laws do "not reach all commercial transactions that are fraudulent" the Court may have left the door open for liability based on conduct. Did the court leave the door open for state common law or statutory remedies against third parties such as banks, accountants or attorneys? What is the SEC going to do? Hear panelists on all sides of the issue discuss the future of securities fraud litigation including the issue of the effect of the Stoneridge decision on Enron related claims.
All of the panelists have filed briefs in the Stoneridge case. Hear panelist Stanley Grossman who argued the case before the Supreme Court. Hear the view of the SEC from Tom Karr, assistant General Counsel of the SEC. Hear Robert Gasaway from Kirkland & Ellis in Washington who wrote an amicus brief on behalf of respondents. Hear Professor Stephen Bainbridge who wrote the Sarbanes Oxley book and who also filed an amicus brief in the case. The panel will be moderated by Herbert Washer of Shearman & Sterling, LLP. Mr. Washer wrote an amicus brief which was cited by the Court.
Panelists:
Stephen Bainbridge, Professor, UCLA Law School, Los Angeles, CA
Robert R. Gasaway, Partner, Kirkland & Ellis LLP, Washington, D.C.
Stanley M. Grossman, Partner, Pomerantz Haudek, New York, NY
Thomas Karr, Assistant General Counsel, Securities and Exchange Commission, Washington, D.C.
Moderator:
Herbert Washer, Partner, Shearman & Sterling LLP, New York, NY